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2/17/2016 2:42:23 AM

USDCAD attacks a pivotal resistance - Technical Analysis - 17-02-2016

USDCAD moved within a tight range in the previous short-term trading, rising lastly in the intraday levels and attacking the pivotal resistance of 1.3886, representing the ratio 23.6% of Fibonacci retracement levels for a descending wave in the short term (from 1.4689 to 1.3638), coinciding with touching the resistance of the SMA50, as the pair tries to rid itself from all its negative pressures at once if it breached that level, while reminding that in the medium and long term, the main trend is still an upward trend.

Therefore we expect more gains to come for the pair, provided it breaches the resistance of 1.3886, targeting thereafter the resistance of 1.4164, representing the ratio 50% of the same retracement levels mentioned earlier.



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